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Product Requirements Document (PRD)

Feature Name: [Feature name] Author: [Your name, role] Date: [Creation date] Last Updated: [Last update date] Status: [Draft | In Review | Approved | In Development | Launched]

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Executive Summary

[2-3 sentence overview of what we’re building, why it matters, and expected impact]

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1. Problem Statement

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The Problem

[Describe the customer problem or opportunity. What pain point are we solving?]

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Target Users

[Who experiences this problem? Be specific about user segments]
  • Primary Users: [e.g., Wealth managers with 50+ clients]
  • Secondary Users: [e.g., Portfolio administrators]

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Current State

[What are users doing today? What are the workarounds or alternatives?]

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Jobs-to-be-Done

When [situation],
I want to [motivation],
So I can [expected outcome]

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Impact of Not Solving

[What happens if we don’t build this? What is the cost of inaction?]

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2. Goals & Success Criteria

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Business Goals

[What business outcomes are we targeting?]
  • [Goal 1: e.g., Increase AUM per advisor by 20%]
  • [Goal 2: e.g., Reduce operational costs by $100K/year]
  • [Goal 3: e.g., Improve advisor retention by 15%]

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Success Metrics

Adoption Metrics:
  • [Metric 1: e.g., 60% of wealth managers using feature within 90 days]
Outcome Metrics:
  • [Metric 2: e.g., Reduce portfolio review time by 66%]
Satisfaction Metrics:
  • [Metric 3: e.g., Feature satisfaction score >4.5/5]
Business Metrics:
  • [Metric 4: e.g., Increase AUM per advisor by 20%]
Measurement Plan:
  • How: [Analytics tools, dashboards]
  • When: [Review cadence]
  • Owner: [Person responsible]

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3. User Research & Validation

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Research Conducted

[Summary of customer interviews, surveys, usability tests]
  • Method: [e.g., 10 customer interviews]
  • Date: [When conducted]
  • Key Findings: [Main insights]

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Customer Quotes

“[Actual customer quote that validates the problem]” — [Customer name/role]

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Validation Status

  • Problem validated with customers
  • Solution concept tested
  • Prototype validated
  • Pricing/value validated

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Supporting Research

  • [Link to research report]
  • [Link to competitive analysis]
  • [Link to market sizing]

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4. Solution Overview

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High-Level Description

[Describe the solution in plain language. What are we building?]

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User Experience

[Describe the end-to-end user experience. How will users interact with this?]

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Key Features

  1. [Feature 1] - [Brief description]
  2. [Feature 2] - [Brief description]
  3. [Feature 3] - [Brief description]

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User Flows

[Link to user flow diagrams or describe key flows]

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Design Artifacts

  • [Link to wireframes]
  • [Link to prototypes]
  • [Link to design specs]

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5. User Stories & Requirements

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Epic

As a [user type], I want to [action], So that [benefit]

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User Stories

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Story 1: [Story title]

As a [user type] I want to [action] So that [benefit] Acceptance Criteria:
  • [Criterion 1]
  • [Criterion 2]
  • [Criterion 3]
Priority: [Must Have | Should Have | Could Have | Won’t Have]

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Story 2: [Story title]

[Repeat structure above]

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Functional Requirements

  • [Requirement 1: System shall…]
  • [Requirement 2: System shall…]

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Non-Functional Requirements

  • Performance: [e.g., Page load time less than 2 seconds]
  • Security: [e.g., Data encrypted at rest and in transit]
  • Compliance: [e.g., Audit trail for all transactions]
  • Accessibility: [e.g., WCAG 2.1 AA compliance]
  • Scalability: [e.g., Support 10K concurrent users]

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6. Financial Services Considerations

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Regulatory & Compliance

  • Regulations: [SEC, FINRA, state regulations]
  • Requirements: [Specific compliance needs]
  • Audit Trail: [What needs to be logged]
  • Reporting: [Regulatory reporting requirements]

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Security & Privacy

  • Data Classification: [PII, financial data, etc.]
  • Access Controls: [Role-based permissions]
  • Encryption: [Standards and requirements]
  • Authentication: [MFA, SSO requirements]

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Risk Management

  • Financial Risk: [Transaction accuracy, money movement]
  • Operational Risk: [System stability, disaster recovery]
  • Reputational Risk: [Customer trust implications]
  • Mitigation: [How we’re addressing each risk]

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7. Technical Considerations

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Architecture Approach

[High-level technical approach. Link to detailed tech design doc]

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Dependencies

  • Internal: [Other systems/services this depends on]
  • External: [Third-party APIs, vendors]
  • Team Dependencies: [Other teams required]

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Technical Risks

  • [Risk 1: e.g., Integration complexity with legacy system]
  • [Risk 2: e.g., Performance at scale unknown]
  • Mitigation: [How we’ll address each risk]

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API Changes

  • New APIs
  • Modified existing APIs
  • Deprecated APIs

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Data Requirements

  • New Data: [What new data we’re collecting/storing]
  • Data Migration: [Any existing data that needs migration]
  • Data Retention: [Retention policies]

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8. Go-to-Market Plan

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Launch Strategy

  • Rollout Plan: [Phased vs. big bang]
    • Phase 1: [Internal users, timing]
    • Phase 2: [Beta customers, timing]
    • Phase 3: [General availability, timing]

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Marketing & Communication

  • Internal: [How we’ll train and communicate internally]
  • External: [Customer announcements, marketing campaigns]
  • Positioning: [Key messages, value props]

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Sales Enablement

  • Materials Needed: [Pitch deck, demo scripts, FAQs]
  • Training Plan: [Sales team training schedule]

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Customer Support

  • Documentation: [User guides, help articles, FAQs]
  • Training: [Support team training plan]
  • Escalation: [How to handle issues]

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9. Scope & Prioritization

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In Scope

  • [Feature 1]
  • [Feature 2]
  • [Feature 3]

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Out of Scope

  • [Feature X: e.g., Mobile app version - deferred to Q3]
  • [Feature Y: e.g., Advanced analytics - future consideration]

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MVP Definition

Minimum Viable Product includes:
  • [Must-have feature 1]
  • [Must-have feature 2]
  • [Must-have feature 3]
Post-MVP Enhancements:
  • V1.1: [Enhancement 1]
  • V1.2: [Enhancement 2]

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RICE Score

  • Reach: [Number of users per quarter]
  • Impact: [0.25 - 3 score]
  • Confidence: [Percentage]
  • Effort: [Person-months]
  • Score: [Calculated RICE score]

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10. Timeline & Resources

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Target Milestones

  • PRD Approval: [Date]
  • Design Complete: [Date]
  • Development Start: [Date]
  • Code Complete: [Date]
  • Testing Complete: [Date]
  • Beta Launch: [Date]
  • General Availability: [Date]

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Resource Requirements

  • Product: [X person-months, names]
  • Design: [X person-months, names]
  • Engineering: [X person-months, names]
  • QA: [X person-months, names]
  • Other: [Documentation, compliance, etc.]

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Budget

  • Development: [$X]
  • Infrastructure: [$X/month]
  • Third-party Services: [$X]
  • Total: [$X]

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11. Risks & Mitigation

RiskProbabilityImpactMitigationOwner
[Risk 1]High/Med/LowHigh/Med/Low[How we’ll mitigate][Name]
[Risk 2]High/Med/LowHigh/Med/Low[How we’ll mitigate][Name]

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12. Open Questions

  • [Question 1 that needs resolution]
  • [Question 2 that needs resolution]

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13. Approval & Sign-off

RoleNameStatusDate
CPO[Name][Approved/Pending][Date]
CTO[Name][Approved/Pending][Date]
UX Designer[Name][Approved/Pending][Date]
Compliance[Name][Approved/Pending][Date]
CEO[Name][Approved/Pending][Date]

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Appendix

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A. Research Reports

  • [Link to customer research]
  • [Link to competitive analysis]
  • [Link to market sizing]

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B. Design Assets

  • [Link to user flows]
  • [Link to wireframes]
  • [Link to prototypes]

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C. Technical Design

  • [Link to technical design document]
  • [Link to API specs]
  • [Link to related PRDs]
  • [Link to roadmap]
  • [Link to OKRs]